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Islamic Microfinance Advances and Converges with Fintech

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Today and tomorrow in Nairobi, delegates from 35 countries are convening to attend the Global Islamic Microfinance Forum. The event, hosted by the AlHuda Centre for Islamic Banking and Economics, seeks to explore the latest developments and trends in the sector, catalyze innovation in the industry, and boost awareness on how Islamic finance can support social development and poverty alleviation. Once the forum concludes there will be a two-day workshop on how to develop, operate, and sustain Islamic microfinance institutions.

Islamic finance has grown at roughly 10-12 percent annually over the past decade. Between 2011 and 2014, Sharia-compliant financial assets rose from US$ 1 trillion to 2.1 trillion. In many Muslim countries, Islamic finance assets have been growing faster than conventional banking assets. In non-Muslim-majority counties, Islamic finance has also seen substantial progress breaking ground in new countries and growing in already-established markets, including China, Kenya, Nigeria, Tanzania, South Africa, and the U.K. It’s estimated that there are over 1,500 organizations working in Islamic finance across 90 countries – 40 percent of which are non-Muslim-majority countries.

For more on this story visit the following link: Islamic Microfinance Advances and Converges with Fintech

Source: Center for Financial Inclusion 

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